Invoice vs checking account deposit - How to prevent double counting
skardamaplefarms
Member Posts: 3
Hi, I love Wave apps in the ability to track invoices as well as bank transactions. The vast majority of my customers pay me with a check. I then deposit these checks in my checking account which I have linked to Wave and then mark that invoice as paid. However, I couldn't find a way to link the two transactions together (I.e. marking the invoice as paid within Wave AND the checking account line item representing the payment). What ends up happening is Wave Apps shows income 2X. This makes it confusing. I then tried to delete the extra transaction but then it marks the invoice as not paid. I like having my checking account linked since it then tracks all my expenses... How can I use invoicing and deposit checks against that invoice without double counting it?
Comments
Hey @skardamaplefarms! I'm thinking that your best bet here may actually be to follow this Community thread which will guide you through how to merge those two income transactions into one! That should help you account for these doubled income transactions
Let us know if you have any further questions!
@ConnorM Thanks for the suggestion but this states: Simply select two transactions that are both deposits or both withdrawals, with matching amounts and accounts and click the merge button highlighted in the above image. I typically drop off product at multiple locations and provide multiple invoices, one for each location. Then the customer pays the multiple invoices with one payment via check. In this case, I have multiple invoices with one check deposit within my checking account. This Merge function only works if the transactions are 1:1 and matching amounts. What other options do i have?
Ah, I hear you @skardamaplefarms. What you can do in this case is actually just delete the automatically imported bank transaction! That should do the trick